Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to exercise its option to use the 10% de minimis indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant award activity of Wittenberg University (the University). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to exercise its option to use the 10% de minimis indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to exercise its option to use the 10% de minimis indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The University has elected not to exercise its option to use the 10% de minimis indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
Title: Federal Perkins Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to exercise its option to use the 10% de minimis indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The amount presented as Perkins Loan Fund expenditures consists of the beginning of the year outstanding loan balances of approximately $2,126,085. Loans outstanding at June 30, 2023, totaled $1,927,351.
Title: Federal Direct Student Loans Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to exercise its option to use the 10% de minimis indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The University participates in the Federal Direct Student Loan Program, which includes subsidized and unsubsidized Federal Stafford Loans and Federal PLUS Loans. The value of the loans issued for the Federal Direct Student Loan Program is based on disbursed amounts. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2023, related to Federal Direct Student Loan Program are considered current year federal expenditures, whereas the outstanding loan balances are not. The total amount processed during fiscal year 2023 is included on the Schedule. The University is responsible only for the performance of certain administrative duties with respect to the Federally Guaranteed Student Loan Programs and, accordingly, balances and transactions relating to the loan programs are not included in the University’s basic financial statements. Therefore, it is not practical to determine the balance of loans outstanding to student and former students of the University at June 30, 2023.